MasterCard price target raised to $475 from $460 at Jefferies

Jefferies analyst Trevor Williams raised the firm’s price target on MasterCard (MA) to $475 from $460 and keeps a Buy rating on the shares, noting that portfolios from Citizens, UniCredit, and Deutsche Bank are set to flip to MasterCard from Visa (V) in the near-term following the completed conversions of the U.K. debit portfolios for Santander and NatWest. The firm estimates the portfolios will swing about $125B of volume at full run-rate, which it expects by calendar year 2025, which it believes will support about 13% volume growth for MasterCard in 2024 and 2025.